Do Kwon, Terraform's co-founder, is to be released from prison in Montenegro but will in the country for now due to global criminal charges.
Terraform co-founder Do Kwon is being released from prison in Montenegro, but he will remain in the Balkan as he faces criminal charges brought by authorities in several countries.
On Friday, Montenegro’s High Court ordered the South Korean crypto kingpin’s passport be confiscated to prevent him from leaving the country, Montenegrin daily newspaper Vijesti reported. According to the court's order, Kwon will leave Spuž prison on Saturday. Prosecutors contested Kwon's extradition to South Korea, preferring he get sent to the United States where his sentences could be longer should he get convicted.
In May 2022, Terraform Labs' Terra and Luna cryptocurrencies collapsed, erasing over $40 billion in market value in a matter of days. Following this, U.S. and South Korean officials pursued Terraform Labs and Do Kwon for fraud and securities law violations. Marked by an Interpol Red Notice, Kwon, then a fugitive, was captured in Montenegro for using counterfeit travel documents.
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